Top trading ideas for today's trade: Buy Bharat Forge, UPL ltd

Nifty View: Nifty has been trading in the upward sloping channel on the daily charts and recent bottom of 10276 is placed around the lower band of that channel. So, there are good chances of bounce back from current levels. Any close above 10638, without violating the support of 10276 would result in to higher bottom followed by higher top on daily charts, indicating short term bullish trend reversal. Stochastic oscillator has exited from the oversold zone, indicating probable bullish trend reversal on the daily charts. Resistances for Nifty are 10638, 10724 and 10830. Long terms support for the Nifty is around 10000, the 200 DMA.

Buy Bharat Forge

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CMP: 776

SL: 750

Tgt: 820

Stock price has recently surpassed the crucial resistance of double top placed at 750 odd levels. Stock price has also ended the consolidation range between 680 and 750 for last four months. Stock has recently registered new all-time higher volumes. Primary trend has been bullish with higher tops and higher bottoms on the monthly charts. Considering the technical evidences discussed above, we recommend buying the stock between 776 and 760, for the target of 820, keeping a stop loss at 750 on closing basis.

Buy UPL ltd

CMP: Rs 726.5

Stop Loss: Rs 695

Target: Rs 770

Last week, Stock price formed strong base around 680 odd levels and reversed the trend towards north. Triple bottom formation is observed on the weekly charts, indicating bullish trend reversal. Oscillators like RSI and Stochastics have come out from the oversold zone, indicating probable pullback. Stock price has also surpassed last 5 days high with fair volumes. Considering the technical evidences discussed above, we recommend buying the stock between 726.5 and 705, for the target of 770, keeping a stop loss at 695 on closing basis

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.